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I have a question. I just canceled escrow because when we

Customer Question
Hello, I have a question. I...
Hello,
I have a question. I just canceled escrow because when we went to sign the papers on the new house, we found there was a land Lein, and mello-roos which would have come to about 800 a month including hoa. Our real estate agent didn't tell us about it, in fact she said there were no mello-roos. We were shocked and I got worried about the risk of the bond going into default.
It was a good deal on a very nice house. Could you explain what the risk factors are if any. I am afraid I might have made a mistake. I was buying the house for an investment property and my son and his wife were supposed to live there. Now he is so upset with me.
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 3 hours by:
8/9/2016
Real Estate Lawyer: Maverick, Lawyer replied 1 year ago
Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,425
Experience: 20 years professional experience
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Welcome! My name is Maverick. Please give me a few minutes to analyze and/or research your inquiry and I will be back.

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Real Estate Lawyer: Maverick, Lawyer replied 1 year ago

No, you did the right thing here. Standard real estate purchase agreements make the sale subject to the seller providing marketable title. If a lien was discovered, then the seller is not able to do that and in which case you get your escrow money back. Also, the agent should have disclosed the mello-roos if she knew about it. It appears that you could have sued her for negligent misrepresentation or fraud, if you had detrimentally relied on her false statements.

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Customer reply replied 1 year ago
The land lean I was referring to is the bond. It goes up 2% every year until 2044. Is it common for these bonds to exist? And how do people know if the bond is an actual risk factor ? What exactly happens when the bond is defaulted on? I have heard over half the the developments in Orange County are also bonded in this way. Doesn't this affect the market?
Real Estate Lawyer: Maverick, Lawyer replied 1 year ago

I will have to let someone with more experience in these areas assist you. Your deposit is still in tact and you need not do anything. If you cannot find another expert to assist you let me know and I will send you an offer of services so that I can spend the time and do the research needed to find an answer.

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Real Estate Lawyer: Irwin Law, Lawyer replied 1 year ago
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,430
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
Verified

Good afternoon. I am another expert and I will try to assist with your question. The mello roos bond will not go into default as long as enough Association members are paying enough money to satisfy the bonds requirements. Your primary concern is whether or not, firstly can you make the additional monthly payments, and secondly whether or not the other Association members can pay there's. You have to look at the overall solvency of the development which has underwritten the bond and is responsible for its repayment. Here is a very good article explaining details of Mello Roos, which you should find helpful: http://www.clta.org/for-consumers/consumer-melloroos.html

Please be so kind as to promptly rate this answer favorably so that I may be compensated and the question may be closed in the system. There is no additional cost to you. Thanks again for using JUST ANSWER.

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Real Estate Lawyer: Irwin Law, Lawyer replied 1 year ago

Hello again. Do you have a follow-up question? I am not an employee of Just Answer and I receive credit for assisting you based on your rating. Please be so kind as to promptly rate this answer favorably so that I may be compensated and the question may be closed in the system. There is no additional cost to you. Thanks again for using JUST ANSWER.

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Irwin Law
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,430
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Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.

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